GM stock hits 54-year-lowGeneral Motors Corp. stock plunged to a 54-year-low Wednesday on the House vote to reject a $700 billion Wall Street bailout, while other auto sector stocks also were hammered.

GM stock fell 12.8 percent to $8.51, losing $1.25 a share, to fall to its lowest close since June 1954, according to the University of Chicago's Center for Research in Security Prices.

GM's market cap fell to $4.8 billion. The S&P 500 fell 8.8 percent, while the Nasdaq fell 9.1 percent and the Dow Jones Industrial Average -- of which GM is a component -- fell 7 percent or 778 points -- its single largest one-day drop.

On a 228-205 vote, the U.S. House rejected a government plan to purchase toxic securities by the U.S. Treasury. Congressional leaders vow to try to pass a new version later this week.

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